I read a recent article describing digital assets. The article described the need to create a plan for bequeathing one’s online presence to loved ones and talked about the need to wrap up old Facebook, Twitter and social media accounts by including these “digital assets” in one’s Last Will and Testament.
Incorporating digital assets into one’s Last Will and Testament is becoming increasingly relevant and crucial in our digital age. Here are some thoughts on this subject:
Growing Importance of Digital Assets: As our lives become more digitally intertwined, assets like digital photos, social media accounts, blogs, digital currencies, and online financial accounts have gained significant value, both financially and sentimentally.
Clear Directions: Leaving clear instructions for your digital assets ensures that they’re handled according to your wishes. This might mean deactivating accounts, preserving memories, or transferring digital funds.
Privacy Concerns: Without proper directives, your personal and potentially sensitive information could remain accessible online. This might pose privacy risks or lead to identity theft.
Legal Challenges: Digital assets can present unique legal challenges, particularly since many online platforms have terms of service that address posthumous account handling. Including digital assets in a will might not override these terms, but it provides a clear indication of your intentions.
Avoiding Family Disputes: Clear directives regarding digital assets can prevent potential family disputes. For instance, certain family members might want to keep a deceased person’s social media account active as a memorial, while others might prefer to deactivate it.
Digital Executor: It’s becoming more common to designate a “digital executor” in wills, a person specifically tasked with managing your online presence and digital assets after your passing.
Access Information: Alongside your will, it’s crucial to provide a way for your designated person(s) to access your digital assets. This might involve storing passwords in a secure method (like a password manager) and providing instructions in the will or in a separate document.
Different Jurisdictions: Digital assets can span various jurisdictions, particularly when dealing with international platforms or services. It’s important to consider the legal implications of these assets across borders.
Evolving Landscape: The nature of digital assets and related laws is continually evolving. As new platforms, technologies, and digital currencies emerge, it’s crucial to revisit and update directives related to digital assets regularly.
Emotional Value: While certain digital assets like cryptocurrencies might have a tangible monetary value, others, like photos or personal blogs, have emotional or sentimental value. These assets might be invaluable to loved ones, serving as memories or legacies.
In conclusion, as the digital realm becomes a more intrinsic part of our lives, the importance of addressing digital assets in estate planning correspondingly grows. A comprehensive Last Will and Testament should consider both tangible and digital assets, ensuring a holistic approach to estate planning.
WillsMalaysia has partnered with Nirvana Asia via Yankee Life Planning Advisory through their online platform Central Funeral Care to offer comprehensive Pre-planning and Legacy planning services. This partnership aims to provide a seamless and thoughtful approach to end-of-life planning, ensuring peace of mind for members and their families. WillsMalaysia members qualify for a cash gift when you signup with Nirvana Asia via Yankee Life Planning Advisory. To learn more about our partnership of care click here.